South Korea’s sentenced Seven over crypto-related crimes.

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Seven executives from the now-defunct South Korean scam cryptocurrency exchange V Global were recently sentenced to lengthy prison terms for their roles in one of the country’s biggest cryptocurrency scams.

The Verdict Establishes a New Standard
Seven former masterminds of the now-defunct V Global ponzi scheme were recently sentenced to prison for their roles in the misappropriation of nearly $1.9 billion in investor funds. Lee Byung-gul, the entity’s CEO at the time the funds went missing, received a 22-year sentence, while his accomplices received sentences ranging from four to fourteen years.

According to Forkast, Lee Byung-gul and his fellow executives were sentenced to prison a month after prosecutors requested life sentences. Prosecutors argued at the time that giving the offenders life sentences would reflect the seriousness of the crimes.

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However, according to the report, the CEO’s and his co-conspirators’ jail sentences are closer to the most severe punishments usually meted out to property crime offenders. The outcome of one of South Korea’s biggest crypto-scams could set a precedent for the legal penalties meted out to those who commit crypto-related crimes.

The majority of investors were wiped out.
Meanwhile, according to the report, the majority of the victims of the crypto scam were middle-aged or senior citizens, according to a lawyer representing some of the victims. Han Sang-jun, a lawyer with the Daegun law firm, said:

The majority of the victims were middle-aged or senior citizens who hoped to retire to a secure life.
One of the 52,419 investors who lost their money has already committed suicide, according to the lawyer. While some investors received a portion of their money, the majority of the victims, according to the report, lost everything.

Many of V Global’s victims were enticed into the scam by promises of guaranteed returns of more than 300 percent on investments of $5,000 or six million Korean won. V Global investors who brought in new participants were promised a $1,000 commission in addition to the “guaranteed” return.

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